The Daily News. WEDNESDAY, APRIL 8, 1903. HARBOUR IMPROVEMENT.

Taranaki Daily News, Volume XXXXV, Issue 87, 8 April 1903, Page 2

The Daily News. WEDNESDAY, APRIL 8, 1903. HARBOUR IMPROVEMENT.

A few days ago we referred briefly to the very able letter which appeared in . our column from the pen of Mr A. | fctandish. Tho iinportm:cj i f the tub-j-cfc is suSLiant justification for frojquwnt reference thereto. We would (say in passiug thao Mr Standish is entitled to the v -ry hearty thanks of evory ratepayer for bringing forward su'h a well-'hought-oub and i.blj argut-.d sche! o. We regret to not ct i li it oureveniug con emporary is throwing cold water upon it and considers the time inopportuup, and holds that it is th'i Harbour Board that should formulate an improvement scheme and f-ara Mr St.indish's pr.iposil wil lumper the Board. If we remembe. rightly when Mr Standish previously formulated bis scheme tho Herald published it and commented upou it in most favourable ternH f.nd heartily recommended ic to the consideration of the ratepayers. Yet the scheme outline.! by Mr Standish now is ir.fi ;itely 1 superior to his previous one and is shorn of several objectionable features i which we then considered not qui'e srit.iVactory, So far the only objaction urged is that the money cannot be borrowed at per cen*-, It appears to us that this is largely a question of security and no one can doubt but that the security is undeniable. Qiltedg'id security in faot. Not only is there 'ha ordinary revenm upon which most Harbour Rojrds borrow, bnt ther>-

is the land fund and the soecial rate The value of the area subject to ratef is increasing in two ways, by n -.v lauds continually becoming subject to rate?, and by tbe steady increase which is continuity taking place in the rateablo value, and it must bu remi mbere) that the Harbour rate is struck on tbe unimproved and improved values. An important feature of Mr Scandish's scheme, however, is inducing the pre sent bondholders to exchange the debentures they now hold for the mw debentures. If wo were disposed to be captious, we should say this is the weak point in Mr Standish's scheme. As regards the possibility cf raising th. money at per cent, a clause c*n be put in the tmpowering Act limiting the interest to be paid to 3| or 4 pe> cent., and if the monoy cannot be got, no harm will have been donp, and the preseut loan can be allowed to mature in the ordinary course of events. On the other hands, if the money can be raised, and we see no reison why i' should not be, the boon to the ratepayers of baing freed from I'atfis, as Mr Standish proposes, would be vrry yreat. As to tbe possibility of inducing the presant bondholders to exchange their bonds for 3| per cent, debentures, it will be seen that Mr Stan dish proposes giving the Bond holders a bonus of 10 par cent, Now taking the cast of any one holding a dtbe.n----r ure for £ 100, bearing interest at 6 p-r cent, on surrendering this ho gets in place of it a debenture bearing ic teres t at per cent and a bonus of £lO, and his lnom-y is s ife'y leinvested without cost. Suppose hi lefuscs; during the five years the loai; ha? to run, allowing 12 months to g<t the ma,tor arranged, the diffarouce oetween tie 31 and 6 per cent inheres' comes to £l2 10s, and he has to find a fresh investment. This is an apparent iosa of £2 10s, but against this he has had his £lO and the use cf it for five years, and no expense or trouble in reinvesting bis money. We may say Dhat Mr Standish is so sanguine ot> this point that lio states his willingness i to undertake arranging thi matter! with the boodhoMeie for the £3OOO, which he has allowed for that purpose, on the understanding that he gets

oothiog if he fails. Making improvemen 8 for the purpose of securing direct shipment pals the matter of a loan on a very different footing to that which has existed in the past, Hawera, Eliham, Stratford and Inglewood hay. 3 become important collecting and distributing centre*, and a swing of Mhatonon t.heir txp)i<a is a direct g-iin to eve<y farmer. As distributing centres thos > towns have much to gain by dirtct shipment. Iu the case of goods from Sydt.-ey the charges now ari 10d freight from Sydney to Will rig on, transhipp:n« Is Gil,freight from Wellington to PUea or New Plymouth 10s, total 21c<' Qd ; io this has to be ad lei wh trfjgo ' and railage. If goods c ime dire st from Sydney to the breakwater 10s freight j «nd Is 61 transhipping charges or lis: 6J per tun would be saved. If these j r.i wi.is ar ) going to really profit by i tl e opening up of their back couutry j it is only by having direct shipment j from the bivuk water. While the breik-! water trade is confined to coastal! steimers, it is b. into competition j with all the other small ports, and ii' not giving the farmer and storekeeper the advantages it ought; but once establish direct shipments, and cveiy part of the area within a r.tdiuß of 100 miles will quickly realise the benefici .11 effects of choitp rates, and farmers wiil find that they can command trade, which is now shut against them, and tradespeople will be able to supply them with requisites at pric s greatly btlow t iose which now obtain. ,